Albert's/Sam's Fabrje's Game.

Terms

100

What is equilibrium?

Is the point at wich supply and demand meet supply.

200

What does (GDP) stands for?

Gross domestic product.

300

Basic economic terms and definitions include.

• Capital goods: items a business uses to produce goods or services to sell to consumers; examples include manufacturing equipment and business facilities.
• Commodity: raw material (like crude oil or iron ore) or agricultural product (like unprocessed wheat or corn) purchased in enormous quantities for production purposes.
• Consumer: anyone (person or business) that uses (consumes) goods or services.
• Production: producing goods and services in the economy.
• Consumption: consuming the goods and services produced in the market.

Supply curve.

100

What terms denfies in econ?

Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.

200

What is the identifying terms you could be able to identify in econ?

Knowing key economic terms, from supply and demand to econometrics and monetary policy, will help you understand more about the field; You will give yourself more credibility when speaking about economic matters; and; Learning key terms can be a great way to study economics more broadly, and it can also help develop your skills of economic.

300

What is supply curve?

A supply curve is a graphical representation of the relationship between product price and the quantity of product that a seller is willing and able to supply.

Laws

100

What is the law of supply?

 an increase in the price of goods or services results in an increase in their supply.

200

What is the law of demand?

when the price of a product goes up, the quantity demanded will go down – and vice versa.

300

What is the law of the econ?

The law of supply and demand combines two fundamental economic principles that describe how changes in the price of a resource, commodity, or product affect its supply and demand. Supply rises while demand declines as the price increases. Supply constricts while demand grows as the price drops.

Surprise box

100

What is alberts favorite thing?

Tanks.

200

What is sammy's favorite thing to do in the whole entire world world?

Shopping.

300

?

You could steal 100 point from other team.

Supply domain shift.

100

Whats supply and damand shift?

Demand increases.

200

Identify a supply or demand shifter. 

A tax is placed on banana.

300

A tax is placed on banana?

Supply shifts (shifts to the left.)

400

What is a Shifts in supply and demand?

• A change in demand or supply curve results in a shift.
• A change in quantity demanded is a movement along the existing demand curve.
• The law of supply and demand describes how price changes affect supply and demand.
• A rightward shift indicates an increase in demand or supply, while a leftward shift indicates a decrease.

500

What is a change supply vs quantity supplied?

Quantity supplied is the quantity of a product which producers are willing to supply at a given price while change in supply refers to the overall shift in supply schedule due to technological changes, input prices, government regulations, etc.